Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / sandhya shetty
An audit is an accounting procedure under which the
financial records of a company or individual are closely
inspected to make sure that they are accurate.
There are two primary types of audit: internal audits and
independent(external)audits .
Regardless as to the type of audit, it should be assumed
that an audit will be performed without bias. In the case
of an internal audit, this can be difficult, because an
internal audit is carried out by the accounting staff of
the company concerned. Generally, an internal audit can
only successfully be carried out by a large accounting
department, because auditors cannot audit records to which
they contributed. Internal audits are usually carried out
on a regular basis by large companies to ensure that their
finances are in order, and if the company is publicly
traded, audit reports are available for inspection by
stockholders.
An independent or external audit is carried out by a
neutral third party, such as a professional accounting firm
which specializes in audits.
Regards,
Sandhya shetty
| Is This Answer Correct ? | 4 Yes | 1 No |
Post New Answer View All Answers
What are the objectives of internal audit?
What is final audit?
What do you mean by vouching?
purchase price of property purchased within last 3 years is to be relied upon not and not on revalued amount for the purpose of loan against properties.
What is the difference between internal audit and statutory audit?
What are the reasons for getting audited?
What is audit trail in siebel?
What are the essential of internal audit?
What are documents need to vouch while doing sales vauching?
Explain about cross functional audits?
what audit procedure i can do in the share capital account of a company and why it have been apply?
Explain intangible assets?
How does the internal audit differ from an external audit?
1.tell me five points of check list of an audit. 2.what do you checking in statutory audit.five main points. 3.what do you checking in internal audit five main points. 4.which five major points checking according to caro.
hi friend i have selected in ssc cgle as accountant in audit department. can anyone tell about the work of accountant in audit department?
